Rakon, the Auckland-based maker of frequency control and timing products, said on 11 January that US electronics manufacturer Bourns had served notice of a full takeover offer at NZ$1.55 cash per share, valuing the company at about NZ$356m.
Deal terms and financing
The offer covered all ordinary shares and outstanding employee share rights at NZ$1.55 each and required 90% acceptances. The Robinson family, Siward Crystal Technology and Mike Daniel entered lock-up arrangements with Bourns. A board committee of independent directors Chris Swasbrook and Greg Barclay handled the approach.
Regulatory approvals and timing
Bourns made its formal offer on 9 February, and the independent directors recommended acceptance on 23 February. The Overseas Investment Office approved the bid at the end of March, with French foreign-investment consent also required. On 1 May 2026 Bourns declared the offer unconditional after passing 90% acceptances, and said it would compulsorily acquire the remaining securities and apply to delist Rakon.
Market context
Rakon manufactures frequency control and timing products. It had guided to underlying EBITDA of NZ$15m to NZ$24m for the year to March 2026, up from NZ$9.5m a year earlier.
